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CITY OF LINO LAKES <br />RESOLUTION NO. 17-139 <br />AUTHORIZING TERMINATION OF DEFERRED ASSESSMENT ON <br />PIN #24-31-22-11-0008, OUTLOT A MAIN STREET SHOPPES <br />WHEREAS, the City Council for the City of Lino Lakes previously approved Resolution No. <br />11-108, which adopted special assessments for the I-35E/CSAH 14 Interchange improvements; <br />and <br />WHEREAS, several assessments against unimproved properties were deferred pursuant to <br />Minn. Stat. § 429.061, subd. 2, including the assessment against PIN #24-31-22-11-0006 in the <br />amount of $135,120; and <br />WHEREAS, PIN #24-31-22-11-0006 was split into two lots in 2013, PIN #24-31-22-11-0007 <br />(L1 Bl Main Street Shoppes) and PIN #24-31-22-11-0008 (Outlot A Main Street Shoppes), and <br />the deferred assessment amount plus accrued interest was redistributed; and <br />WHEREAS, the owner of PIN #24-31-22-11-0008 has requested that the deferral be terminated; <br />and <br />,...� WHEREAS, with accrued interest the total amount of special assessments on the property is <br />now $165,491.79. <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes that: <br />1. The deferred assessment on PIN #24-31-22-11-0008 shall be terminated at the request of <br />the property owner and payable according to the following: <br />A. Amount: $165,491.79 <br />B. Duration: 9 Years <br />C. Interest Rate: 5% <br />Adopted by the Council of the City of Lino Lakes this 11th day of December, 2017. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Rafferty and was duly seconded by Council Member Maher and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Rafferty, Maher, Kusterman, Manthey, Reinert <br />The following voted against same: <br />none <br />